CBRE Facilitates $11.5M Office Sale in Newport Beach’s Fashion Island Market
CBRE has completed the $11.5 million sale of a 15,200-square-foot office property located at 1303 Avocado Avenue in Newport Beach. The buyer is a local family office, while the seller was represented by CBRE’s Anthony DeLorenzo, Sammy Cemo, Bryan Johnson, and Harry Su on behalf of a local private partnership.
“The Fashion Island market within Newport Beach is one of the most coveted office markets in the country, driven by its coastal lifestyle, affluent demographics and consistently strong tenant demand,” said DeLorenzo. “This sale is one of only seven office properties within Newport Center to transact within the past 10 years, making this a truly rare and strategic acquisition opportunity. As such, it drew extremely high demand from the investment community.”
The two-story office building, built in 1973, sits on a 0.38-acre lot and was 96% occupied at the time of sale. Located within the highly desirable Fashion Island area, the property offers proximity to John Wayne Airport and major routes such as the Pacific Coast Highway.
